I’m out of status — is it okay for me to open a bank account and deposit money?
I’m holding $40,000 in cash. It’s difficult to manage, so I’d like to deposit it into a bank account and use it from there — I’d like to know if that would cause any problems.
Amounts over $10,000 become subject to IRS scrutiny. If this money came from work income, it could raise tax reporting issues, so we recommend consulting with a CPA.